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Seminar paper from the year 2004 in the subject Business economics - Business Management, Corporate Governance, University of Phoenix, language: English, abstract: In today's ultra-competitive global economy, organizations must take every action necessary to ensure they are as competitive as possible. Although advancements in technology, over the last few decades, has meant that oftentimes organizations have focused their efforts on the technological aspect of their business, those that have neglected their human resources have struggled despite technology. (Gutteridge, 2004) Today, employees drive productivity, customer satisfaction, and profitability. (Harter, Schmidt, & Hayes, 2002, in Stajkovic & Luthans, 2003) With this in mind, businesses across a variety of industries have come to realize the important part their employees play in their continued success. Hiring and retaining the best employees equals greater efficiency and efficacy. This increase in efficiency and efficacy equates to greater company profitability, which leads to increased market share and industry success. As such, hiring and retaining quality employees has never been more important than in today's business world. The question then arises, why do some companies, divisions, or even managers seem to be able to consistently hire and retain the cream of the crop, while others fail to do so? Do managers truly get the staff they deserve? By analyzing the psychological contract between employee and employer, the impact of organizational structure and culture, group dynamics and leadership, motivation, and performance management, this paper will show that indeed managers do get the staff they deserve.
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